PART 9Transfer of final salary benefits
Meaning of “final salary benefit”
43.—(1) In this Part, “final salary benefit” means benefit accrued under a final salary scheme, subject to sub-paragraph (2).
(2) Where only part of the pension entitlement payable under a final salary scheme to or in respect of a person which is based on the pensionable service of that person is or may be determined by reference to the person’s final salary, “final salary benefit” means the benefit in respect of which the pension entitlement is so determined.
Acceptance of club transfer value payments and bulk transfers
44.—(1) If, in circumstances where regulation 156 applies, the special terms agreed for the acceptance of transfer payments require such part of a transfer value payment as relates to a member’s final salary benefit to be paid into the PCSPS(NI), that part of the transfer value payment must be paid into the PCSPS(NI).
(2) Any part of a club transfer value payment from another scheme that relates to a member’s final salary benefit must be paid into the PCSPS(NI).
Member of this scheme or the PCSPS(NI)
45.—(1) This paragraph applies to a person who transfers final salary benefits into the PCSPS(NI)
(2) Unless the person is a protected member of the PCSPS(NI), the person—
(a)becomes a member of this scheme; and
(b)is taken to be a transitional member with continuity of service.
(3) If the person is a protected member of the PCSPS(NI), the scheme manager must determine, by reference to the rules of the PCSPS(NI), which Section of the PCSPS(NI) the person joins.